Skip to main content

tv   The Willis Report  FOX Business  October 22, 2014 5:00pm-6:01pm EDT

5:00 pm
good friend neil cavuto. he will bring you latest developments on the deadly shooting in at washings the aftermath there and how it might affect all our lives and our market right here. liz: thank you so much for joining us and sticking with us. "the willis report" is next. gerri: breaking news tonight. a manhunt underway in canada as we speak after series of shootings in the country capital of ottawa. two people confirmed dead. one a canadian soldier. the other who shot him. the shooting started at national war memorial just before 10:00 a.m. this morning where the soldier who was on duty was shot dead. shots rang out at the parliament building where as many as 30 shots were reportedly fired. here is what the seen was like. [shouting]
5:01 pm
[gunfire] gerri: one gunman killed in the parliament building by police. parts of ottawa in downtown and parliament was put on lockdown. parts of the capital were put on lockdown. the fbi helping canadians with their investigation. they have identify the shooter as 32-year-old michael zehaf-bibeau, believed to be canadian-gone. he is being checked by u.s. and canadian authorities for any lendings to terror. president obama a short time ago said the canadians are getting full support of our federal government. they will look at a spike in isis related chatter up to today's attack.
5:02 pm
they will not say whether the shooting today was related. just this week canada raised its terror threat level. here is the ottawa police describing what happened today. >> at 9:52 a.m. this morning the ottawa police service received multiple 911 calls regarding a shooting at the national war memorial. the victim of the shoot something a member of the canadian armed forces. his injuries were fatal. our thoughts and prayers are with the member and his loved ones and other members of the forces of the his identity and age won't be confirmed at this time as we're in the process of contacting his family. what followed was another incident on parliament hill. what i can tell you a male suspect is now deceased. together with the rcmp all available resources were deployed to this ongoing police operation. gerri: all this having big impact on markets.
5:03 pm
stocks were starting to sell-off in the early afternoon. that selling accelerated when news of the shooting started to come in. stocks closing near the lows of the day. it was the biggest selloff in 16 months on the canadian stock market. ashley webster in the newsroom with the very latest. what are cops saying about possible suspects or motives? >> it is very confusing. they're not saying there aren't any suspects. they aren't giving any information away at all. 32-year-old michael zehaf-bibeau was identified as the gunman eventually shot inside of the canadian parliament building by the sergeant-at-arms, by the way, kevin vickers who is being hailed as a hero in canada tonight, for bringing that gunman down. we'll find out whether the u.s. whether this person's name gets any hits on watch list, anti-terror watch list in the database. what is interesting, you mentioned chatter prior to
5:04 pm
crazing terror threat level from low to medium. there was a statement released by canadian minister that there had been increase in chatter by al qaeda and isis groups. there was growing concern and echoed by federal officials and homeland security officials. that a series of attacks may be carried out by lone wolf gunman. they are encouraged to attack soldiers, police, anyone in authority. and that they would not need permission to carry out such attacks according to this message from isis because any such attack would be legitimate. i want to mention on monday, two canadian soldiers were run over by a suspect. who was fatally shot himself but he did kill one of those soldiers. i was known to anti-terrorism investigators an stopped at canadian airport trying to fly
5:05 pm
to turkey. he was briefly released because there was not enough evidence to hold him. now we see him attacking canadian soldiers on monday. with today's attack there is growing concern threat of isis attacks could come from within with the lone wolf gunmen who will attack not only authorities but bring terror to such things as shopping malls. we know the identity of the shooter as you point out, gerri. we don't know if in fact he was alone. gerri: ash, thanks for that. we'll come back with you with any breaking details. >> sure. gerri: let's bring in our panel. eve adams, a member canada's parliament on the scene of today's shooting. mike baker former cia covert operations officer. david ancera, homeland security expert from the heritage foundation. eve, i want to start with you, member of parliament since 2011. tell us what happened. you were on the radio with us or on the phone with us.
5:06 pm
what did you hear, what did you see? were you on parliament hill. >> thank you, gerri. let me start off first offering my condolences to the family of the deceased soldier. he was a young man who hailed from my childhood hometown of ham milton, ontario. he was in the argyle infantry units and basically honor guard duty, assisting visitors to our nation's capitol. it is confirmed he had been fatally shot. my community and our entour nation mourns for him and for his family. gerri: he is being hailed as a hero tonight. and his death being marked certainly. tell us how you experienced what happened today? >> wednesday morning for government members, for the governing party are opportunity for to us meet as a caucus.
5:07 pm
we review the legislative agenda for the week and approach for the week. we meet in highly ceremonial room in parliament hill. across the haul from us, literally 15 feet away the official opposition party also has their caucus meeting and they do the very same thing. that is what wednesday morning was like for us. i was reviewing my legislative caucus on legislative item coming before us in the coming week. and shots were fired. so the shots were fired literally on the other side of the wall in the central hallway between our two caucuses. gerri: eve, pardon me, did you hear those two shots yourself. >> yes. gerri: what did you think at the time? what went through your mind? this is going to sound very
5:08 pm
canadian to you. i think many people just assumed it was something to do with the construction, on going multiyear construction project here on parliament hill. it never crosses your mind. gerri: how many shots did you hear. >> one of my colleagues said 30. i think factual response was about 10. exchange of gunfire with our amazing hero, form sergeant-at-arms who is a former mountie and his function is administrative and ceremonial. nonetheless he led the charge and apparently fatally shot the gun toter. we're equally appreciative. gerri: reaction in the room. you were with other leaders. what did you all do? what was your response? >> we were asked not to discuss where folks are. my staff is still barricaded.
5:09 pm
my young staff and volunteers who have not eaten all day. the response is the reaction and security in the aftermath, obviously very serious. >> you're saying they're still on lockdown basically. >> they're going through the building reviewing each and every office. gerri: >> my staff is still in lockdown, yes. gerri: your staff is still in lockdown. tell me as you hear the talk about isis and zehaf-bibeau may have been a homegrown terrorist a lone wolf, what is your reaction to all that? >> we don't want to spectate at this point. we don't want to jump to conclusions. that has not been confirmed. the incident earlier this week, it was a radicalized individual who shot down a canadian today's incident we don't want to speculate on a motive.
5:10 pm
i am actually hungarian descent. this is the anniversary of the hungarian revolution where innocent hungarians faced down soviet tanks. i know very well. all my family members discussed that tragedy. >> that is amazing coincidence. before you go i have one another question i would like to ask you. do you have any idea the lockdown will end and the staffs can go home and get something to eat? >> building to building. >> some were released hours ago. we hope this comes to speedy end shortly. gerri: eve ad dams, thank you for your help. stick around for the rest of the panel. we didn't have a chance to get to you. we'll have much more on breaking news coming up after the break. stay with us go ahead and put your bag right here.
5:11 pm
have a nice flight! traveling can feel like one big mystery. you're never quite sure what is coming your way. but when you've got an entire company who knows that the most on-time flights are nothing if we can't get your things there too. it's no wonder more people choose delta than any other airline. a brand new start. your chance to rise and shine. with centurylink as your trusted technology partner, you can do just that. with our visionary cloud infrastructure, global broadband network and custom communications solutions, your business is more reliable - secure - agile.
5:12 pm
and with responsive, dedicated support, we help you shine every day of the week. can you start tomorrow? yes sir. alright. let's share the news tomorrow. today we failrly busy. tomorrow we're booked solid. we close on the house tomorrow. i want one of these opened up. because tomorow we go live... it's a day full of promise. and often, that day arrives by train. big day today? even bigger one tomorrow. when csx trains move forward, so does the rest of the economy. csx. how tomorrow moves. maestro of project management. baron of the build-out. you need a permit... to be this awesome. and you...rent from national. because only national lets you choose any car in the aisle... and go. and only national is ranked highest in car rental
5:13 pm
customer satisfaction by j.d. power. (aaron) purrrfect. (vo) meee-ow, business pro. meee-ow. go national. go like a pro. starts at 6:30 a.m. - on the (vo) rush hounose.und here but for me, it starts with the opening bell. and the rush i get, lasts way more than an hour. (announcer) at scottrade, we share your passion for trading. that's why we've built powerful technology to alert you to your next opportunity. because at scottrade, our passion is to power yours. gerri: police in ottawa, canada's capital are still searching for what could be multiple gunmen after today's shooting in and around the country's parliament building. no one in washington is using the terror word just yet, president obama has been in
5:14 pm
contact with canada's prime minister today. for more on this, let's get to peter barnes in washington. peter? >> gerri, the president speaking about this in the last hour or some he called shootings in canada tragic but not ready to call them an act of terror. >> we don't yet have all the information about what motivated the shooting. we don't yet have all the information about whether this was part of a broader network or plan or whether this was and individual or series of individuals who decided to take these actions. >> he was also asked if events in canada was a threat to u.s. national security? he said again he did not have enough information to say. that an official with the department of homeland security, while not specifically saying that the u.s. would raise its threat level, did say, quote,
5:15 pm
our security posture, which always includes a number of measures both seen and unseen will continue to adapt appropriately to protect the american people. gerri? gerri: thank you for that, peter. i want to bring back my panel. mike baker, cia former covert operations officer and. thanks to you both from coming back. the obvious question tonight, is that a terror attack? mike, i will start with you. >> 30,000 feet, obviously it's a terrorist attack. what their intent is, by definition an act of terror. is this related to support of islamic state or in support of al qaeda? everyone wants to be careful to not to get out ahead of it. a lost same factors would point to the area or at least raise alarm thinking this might be islamic extremeism. much you said the support behind
5:16 pm
the u.s. campaign recently in iraq. recent attack by radicalized muslim convert this week on two canadian soldiers. increase in chatter. all these things have people concerned and looking at scenario of this being islamic extremist act. gerri: david, this is the second incident this beak. on monday, a man, 25-year-old man drove a car into some soldiers basically, struck down two members of canadian forces. seems to me it is a series of attacks being like a pattern. what do you you make of it? >> we have to be immediately not to assume whatever it going on here is linked to those events. there is no concrete evidence brought forward. we let the investigators in united states and canada to continue to do their jobs, to
5:17 pm
track down these cases. that being said, this is sad day for canadian people and this is an attack which has hurt them and their parliament. gerri: so that point, michael, how prepared is a capital like ottawa for an attack like this? we've been through it, 9/11. we always have our guard up. would canada being similarly prepared? >> talking to people up there in ottawa, the security personnel in the parliament building, law enforcement, local military, they all responded extremely well to this. they were very quick on this. u.s. embassy, within a mile of area of operations. they did a phenomenal job. are we prepared? years since the war on terror. you're never able to reduce the
5:18 pm
risk to zero. unfortunately over last decade we had to establish protocols and go through awful lot of training and preparation. i would argue the u.s. capital we're as prepared as we can be. gerri: fingers crossed that's for sure. i want to bring in someone on the seen, allison sanders in ottawa. you were right there. what did you see, what did you hear? >> we were getting to the scene and allowed quite close to the national war memorial where very shaken witnesses report a man with bandanna covering his face with a long trench coat and pull out a rifle and begin sheeting at the ceremonial guard. they're reservists there in the canadians forces. they are there in ceremonial purpose at what is the tomb of
5:19 pm
unknown soldier. after he shot at the soldier, he fled the scene toward parliament, only 100 feet away, not far at all. somehow the suspect entered parliament. at that point the head of security, who is called the sergeant-at-arms, kevin vickers shot the gunman dead. we know two people are dead in this case. several others were injured. one of them is one of the secure, the person in charge of security of canada's senate. police have a large part of the downtown corridor cordoned off. they ask people to stay in their homes. do not come out. or lives in downtown ottawa, outside the perimeter are asked to stay off the road. we don't know if there is another shooter. >> allison, we heard earlier in the show tonight, some of the government staff is still in lockdown right now as officials go sort of room to room, office
5:20 pm
to office. how long can this go on? >> it goes on as loaning as the police and royal canadian mounted police deem it necessary to insure there is no risk to security. we were told at one point they were literally going room to room in parliament to see if there was another suspect inside. gerri: all right. we'll return to the panel here for a minute. michael, you're hearing this descriptions. fear obviously in ottawa. reverberating down to wall street here in new york. we're seeing market sold off dramatically. washington getting on the case as well. all eyes on this town, on this city, on this capital tonight. as you start to analyze, what is going on, how long is it going to take us to come to some kind of conclusion about what happened here? i understand there are critical voices even in canada tonight that are saying that the government's been too soft on these lone wolfs, these folks
5:21 pm
who are homegrown and looking for a way to, work out a terrorist agenda. what do you say? >> well, i mean, yes, obviously there will be a lot of second-guessing of any incident but the bureau, intel community down here in the u.s., working with canadian authorities, you know, i suspect they have got already a great deal of information that is obviously will release in their good time concerning linkage of the dead suspect to potential terrorist organizations but, at the end of the day, again, this is the sort of thing that we talked about for years. it is not just, you know happening now. we've been talking about the concern over lone wolf acts for over a decade now as we've been engaged in this war on terror. gerri: let me get to david for a second here because as everybody in this room knows i think, canada joined our alliance to fight isis. i'm curious tonight, david as you look at all the headlines, is it likely other of our allies
5:22 pm
will be similarly picked off or targeted? >> we don't know this is related to the events. we know nations from around the world especially europe, have had homegrown, terrorists from within their countries travel to the middle east and also radicalize within their countries. with the current unrest in the middle east, we are seeing increase in chatter. we're seeing increase in the threat that these individuals pose to not just us and canadians but to our friends on the other side of the atlantic. i think all nations that belief in freedom and have open societies need to be prepared to face these types of threats. gerri: allison, if you're still there, i want to get back to you for a second. you were there. you were on the scene. you've seen lockdowns. what is the tone, what is the feeling on the streets of ottawa tonight? >> not a good feeling here.
5:23 pm
this is a city weeks ago had 26,000 people come out to the support the army in a run. this is very much a government town. everybody knows someone who works for the federal government. it is very somber here. people just really want to know why something like this would happen. gerri: well, thanks so much for being with us tonight. and our hearts of course go out to canada. everybody here has somebody in canada, that's for sure. and we'll be right back with more on the story.
5:24 pm
new york state is jump-starting business with startup-ny. an unprecedented program that partners businesses with universities across the state. for better access to talent, cutting edge research, and state of the art facilities. and you pay no taxes for ten years. from biotech in brooklyn, to next gen energy in binghamton, to manufacturing in buffalo... startup-ny has new businesses popping up across the state. see how startup-ny can help your business grow at startup.ny.gov
5:25 pm
5:26 pm
gerri: we're continuing to follow the situation on parliament hill. the capital will be
5:27 pm
back. in the meantime, i want to get a story we followed for a long time. an update on-air bags. the us attorney's office launching a criminal investigation into these exploding air bags tied to at least four deaths. the probe as federal safety officials ramp up new warnings for millions of drivers. weeflghtd important information you need to know with car coach lauren. lauren, welcome back to the show. sho here's what i don't understand. nhtsa, which they're the regularities of these recalls, one day says we have x-number of recalls for air bags and next day they say we have another number. what's true? what's the real number now? because i'm confused and i don't understand why they can't give us a clear answer. >> right. last night i went to bed it was 4.6 million. i woke up six in the morning. it was like 6 million.
5:28 pm
by 1030 it was 8.7 million. a worldwide 12 million vehicles. this is overall a lot of and now, we're hearing about the prosecutors office in new york taking a look at this a lot closer. they're saying, this is really serious and consumers need to be truly aware what's going on. gerri: exactly right. the last number we have is 7.78. again, the numbers in contention they keep moving the marker on this. before you go on, i want you to get to the nhtsa safety website, where i would go if i was being recalled because of these air bags. what's going on with the website? why isn't it working? >> i think they're actually have a lot of people on it. and they may have crashed. i got on it when i first heard about this. yesterday i was able to get all the information. i copied it and posted
5:29 pm
it on my website so that consumers who were unable to get on nhtsa's site could get on my site to get it. however, the vehicle identification numbers that's the look up that people are having trouble with. they'll get their vin number and they're unable to get that portion of the website to work. i tell people to call the manufacturer. many of the manufacturers have it on their website. there's a lookup for your vin. number. if your vehicle is on the recall list, go in immediately. gerri: let's tell people why they need to do it. you may get on, you may get the information, you may not get on the website. but these are really dangerous air bags, particularly in humid, hot climates. what goes wrong? >> there's no warning. the air bag could deploy
5:30 pm
without there being an accident. we've had four deaths. there's been hundreds of injuries. when these people get to the emergency room, there are shards of metal. it looked like like it was an iud. there was metal in their head and neck. the frame that is around the air bag holding it into the steering wheel, that in conjunction to the discharge unit was letting go because of moisture. it wasn't faulty manufacture, it was faulty storage. these cars go back to 2000, up to 2012. these are vehicles that are older. and the big concern is only 70 percent of people on average go back for a recall. so we've been talking about ignition recalls. if only 70 percent of the people go back -- gerri: we're not talking about one manufacturer. we're talking to the terra cotta aair bags -- used by germany makers. everybody uses.
5:31 pm
lauren we'll have to leave it there. thanks for bringing us this important information. it's critical to know about. coming up next, more on the breaking news. the shooting in canada. the hunt for more suspects. and next another year, another small bump for millions of americans on social security. getting a little raise. what this means for you and your family, coming up after the break.
5:32 pm
5:33 pm
5:34 pm
gerri: canadian police still searching for what could be multiple gunmen involved in today's shooting. telling us just moments ago that multiple buildings are still on lock down. ashley webster is in the newsroom with the latest. >> it's still a very fluid situation. about two hours after the shootings began, there was a concern from police that maybe as many as three other
5:35 pm
gunmen could be involved. it appears that maybe not so. as you say, heavily armed officers conducting building to building searches. still in the surrounding area. trying to figure out and trying to see if there was anyone else that could have been involved in this dreadful shooting. witnesses describing earlier this morning, an individual dressed all in black with a hand kerchief covering his face. carrying a rifle and shooting a soldier at point-blank range. the soldier who was guarding the wall there in ottawa, just several hundred yards from the main building. he raised his arms in triumph after he shot the soldier, turned around and ran toward the parliament building where a few moments later gunfire rang out, as you can see from the video taken inside the main parliament building which, by the way, was very busy wednesday morning as caucus meeting for the canadian
5:36 pm
lawmakers. they were inside conducting their business. this gunmen, identified late this afternoon as michael, believed, by the way, to be canadian born. he was fatally shot inside the canadian parliament building. that's where we stand. that name, by the way, has been shared with us attorneys who are putting it into their databases to see if he's turned up on any watch lisdz. any terrorist watch lists, and the search continues from building to building. we doth a sense that core don around the is building being released a little bit. the lock down continues for some folks who have been trapped in in those buildings for many, many hours. so far there has been no claim of responsibility from any terrorist or jihadist website for this attack. as we say, it's a fluid situation, and more details i'm sure will come to light.
5:37 pm
gerri: we hear that his name say very common name in quebec. homegrown indeed. we'll find out details later. we'll bring you back if you get any more updates in this hour. and our coverage will continue throughout the evening on fox business including a special report at eight p.m. eastern time hosted by our very own neil cavuto. and on to other topics. (?) for the third straight years, millions of social security recipients like many of you will see an increase in your social security benefits come january. just not a big one. the cost living adjustment is less than 2 percent which translated about 20 bucks a month. shannon benton joins me now with more. shannon, good to have you here tonight. this means seniors on average will get 13 bucks a month. a bump of $22. is this a small raise? is this enough?
5:38 pm
>> it's definitely way too small of a raise, gerri. of the 55 million of american seniors who are receiving social security, 90 percent rely on it for at least 50 percent of their income. and 113th rely for 30 percent. gerri: a lot of these people rely on this money. aarp say 52 percent rely on it for half of their income. what's interesting is this is one of the lowest increases in about a decade. 1.7 percent. you compare with previous years. last year, 1.5 percent. if you go back to 2012 it was 3.6 percent. i think what's interesting about this is, the measure for inflation doesn't take into account really what's going on in the grocery store where prices are through the roof. a lot of seniors are really struggling just to get the grocery bill under control. >> absolutely. they're not making it from paycheck to
5:39 pm
paycheck. we performed a study from 2000 to january 2014 and we picked 33 items that members of our organization had told us were common purchases for them, and of those 33 items we analyzed, 27 of them cost more per that period of the cost of living adjustment than what the living adjustment actually was. gerri: i can believe that. you know they're not buying caviar. that's not happening. one of the things that's interesting, you can make the argument that only $20 to a social security recipient, but it's a big bill for the federal government when you take into consideration it's 65 million americans getting this money. but there are other arms of government that aren't lifting their finger to help seniors. and a lot of people complain about the federal reserve. they kept interest rates so low for so long. savings if you're trying to live on savings, you're just getting no
5:40 pm
return. do seniors feel like the federal government has turned its back on them? >> they absolutely do. and it's not just what the federal reserve. it's just the way that the cost of living adjustment is even calculated. it's calculated off of the urban wage earner and clervelg worker and not the way real seniors spend their money. gerri: an interesting standard of care of people 65 and older who are working. 60 percent of that group work full-time. and it makes me think that these people -- these seniors -- these are folks that are still supporting society. these are people who are still an important part of the economy. we tend to write them off. we tend to think they're not important. in reality, these folks are making the economy go. >> they absolutely are. they're not using their social security checks to pay down a bunch of credit card debt or to buy new homes. they're spurring on the economy with day to day
5:41 pm
purchases. gerri: we can do so much more to help them. thank you so much. and when we come back, why aren't americans saving more retirement? and the government might be able to afford a bigger increase for social security if so much money wasn't being wasted on other things. ridiculous things. a look at where some of that money is going. here's your consumer gauge with the numbers that mean the most to you. we'll be right back.
5:42 pm
5:43 pm
5:44 pm
gerri: 25 billion taxpayer dollars right out the window. retiring republican senator tom uncovering the latest wasteful government products in his 2014 waste book. tom president of citizens against citizen waste. great to have you here, tom. it amazes me how much money gets wasted all
5:45 pm
the time. here we are in a situation where federal tax receipts are at new highs. $3 trillion. does that mean more money is going to be wasted? >> highly likely. gerri, as you know, everyone in washington loves to spend money that we have and, of course, money we don't have. which is why we have a 17 and a half trillion dollar debt and continued deficit that runs into the hundreds of billions of dollars every year. gerri: tom who is famous for this report and frankly we look forward to it. put this together. the top 100. he has to pick and choose because there's so many out there. was there any particular project that caught your eye? >> we're talking about, of course, national security also out today. when the defense department waisdz money it's particularly annoying to taxpayers. they bought $468 million of the g22 air drpt plane that was supposed
5:46 pm
to be used by the afghan airport. they couldn't sustain it. it didn't work as-needed. they end up scrapping these planes, 16 of the 20 planes. they got back $32,000 or six -- and they had to destroy them in afghanistan because even the afghan airports and no one else wanted them. gerri: let me give you others. 1 billion the pentagon spent on destroy ammunition. so bad money after money. 80 million for what they called an ironman suit for soldiers that might not work. projects are out there. bad money after bad money. the list goes on and on, another of the stories that we're doing tonight is senior citizens getting a 20 buck a month raise a bump to their social security paychecks. if we didn't waste money we could spend money on things we really wanted to bankroll.
5:47 pm
>> no question about it. speaking of seniors, they're subject to getting ripped off by stolen identity fraud where thieves go out and steal their identities. it's pretty easy to do. they look at the return. they don't necessarily get the backup documents. they send out billions of dollars. 5.2 billion last year. 4.2 billion in the last four or five years. the irs isn't doing enough to change how that works. they should be getting the information at the same time you file a return, and then they'll know if it's really that person asking for the money. gerri: just to sort of fill out that idea, $42 million, this is a garden variety kind of theft that goes on every single day and it's because the irs just sends the checks out willy-nilly without even checking with the w2. they don't wait for all the information the only in. they stroke that immediately. they're writing checks to thieves basically.
5:48 pm
before you go, col born has done a great job of putting this together and i know you do this as well who is going to take over once col born is gone? >> i'd like to take his whole staff and bring them out and put them somewhere to keep doing it. it catches people's attention. it's understandable and, of course, we'd rather have no book at all. gerri: now, there is a good point. >> we don't expect that yet. gerri: we've got a long way to go that's for sure. we're glad you're keeping your eyes on taxpayer money. somebody needs to. thank you so much for being on the show tonight. and still to come my "2 cents more" and next middle class americans just aren't saving for retirement results of a new survey after the break.
5:49 pm
5:50 pm
5:51 pm
5:52 pm
gerri: do you ever feel like you don't have the money put away for retirement. you're not alone. according to a new study more than half of americans say they will save money for retirement down the road, not now. but that strategy can be risky. wells fargo joe joins us to discuss these savings trends. joe you conducted a big survey. you talked to a bunch of people and not necessarily just wells fargo people. i was shocked at the proportion of people whoppers doing anything at all. >> it's amazing. one third of middle class americans aren't actively saving in a 401(k) or ira today. what's more alarming one out of five have saved
5:53 pm
absolutely zero. gerri: one out of five have saved nothing. >> very concerning. gerri: you could say, look, there are people that are 25 in that group. they're not saving for retirement. but if you're saving at 25, you're golden. the earlier you start, the better off you are. >> 55 percent said i'm just going to delay savings. i'll put it off today and worry about it tomorrow. i'll kick my empty savings can down the road. that's a real problem. if you start at a young age at 25, you get the benefit of compounded earnings. it makes a tremendous difference. gerri: do you have any idea why more than half are saying we'll do it later? what is the pressure on them that they're not setting money aside. >> it's really hard work. seven out of ten said saving for retirement is a lot harder than they thought. paying day to day bills and saving at the same time is really difficult for them.
5:54 pm
gerri: do you think it's a factor of the economy. we see people are unemployed. they're underemployed. let's face it, americans haven't had a raise in nine years. it's been a long time since americans have made more money. incomes aren't going up. does that play into this? >> i think it's really challenging. it's hard for people to figure out how can i save more. 50 percent said they would be willing to sacrifice some discretionary things fo to save for tomorrow. they need to get started down the road. gerri: people have regret for not starting earlier right. >> 72 percent said they wished they had started saving earlier. sit down and take a look at your expenses in a given month. there's lots of tools that will help you do that. people are surprised when they do, they come up with a plan and start saving $50. gerri: but people don't budget anymore. people are more of a mind, you know, put it away to begin with, set
5:55 pm
it aside before i think about pay myself first, and then they don't budget anything else. why is that a problem, in your view? >> i think people get overwhelmed and challenged. whether it's with the day-to-day bills or where do i start or where do i begin. we see a real difference of attitude of those who have access to a 401(k) plan. fimples have access to a 401(k) plan i wouldn't have begun savings. it's really important that people take advantage of that. it builds confidence. gerri: i'll tell you the big problem i see, people borrow from their 401(k)s all the time. people come up to me in the building. should i borrow from my 401(k)? i want to take a big vacation? i don't understand how people don't -- this is something you have to set aside and not touch. >> which rolls from your 401(k) is a last resort. the biggest advice i give make that a last resort. it's a way to build retirement security.
5:56 pm
gerri: great to have you on the show today. we'll be right back with my "2 cents more."
5:57 pm
5:58 pm
5:59 pm
gerri: and finally tonight, my thoughts are with canada our neighbors to the north. i have family there as many of you do too. we are blood and kin. the united states and canada, closer than close. and apparently now we share enemies. earlier this week a radicalized 20-year-old canadian was shot and killed after striking two members of canadian forces with his car. many questions remain, but it's possible today's attack and monday were lone wolves. as i said many questions remain, but our ties, the ones between canada and the us must only grow stronger. that's my "2 cents more."
6:00 pm
and that's it for tonight's willis report. thanks for joining us. don't forget to dvr the show if you can't catch us live. making money with charles payne is coming up next. have a good night. charles: i'm charles payne and you're watching making money. breaking news, canadian police search for more shooters after an attack to parliament leave a soldier and gunman dead. buildings in the area under lock down. police refuse to answer if there is more than one gunman. we have confirmed the identity of the shooter. rich. >> good evening, charles. government officials tell us he's 32-year-old michael zehaf-bibeau. he's canadian born and officials are checking us terror bases to find out anymore information from him. authorities in canada are continuing to

9 Views

info Stream Only

Uploaded by TV Archive on